High proliferation of wearable devices coupled with uptake of Internet of Things (IoT) devices provides data connectivity as it has never been seen before. However, using such data for real-time dynamic applications presents challenges in privacy protection and data security.
Insurance for health, home, car and others is generally computed in a relatively static manner. For instance, an individual's health insurance may be computed based on age, predisposition to illness, health habits, and others. Home insurance is computed based on location of the home, when it was built, the type of construction materials used, and others. Car insurance is computed based on where it is parked, how often it is driven, how many drivers use the car, the car make and model, and others. Once these factors are determined, the insurance premium is computed only once, and the amount is paid by the customer monthly or annually. These methods assume risks to be relatively static.